Cadence Design Systems (NASDAQ:CDNS) Shares Cross Below 200-Day Moving Average After Insider Selling

Cadence Design Systems, Inc. (NASDAQ:CDNS) shares crossed below its 200-day moving average during trading on Friday following insider selling activity. The stock has a 200-day moving average of $327.76 and traded as low as $319.86. Cadence Design Systems shares last traded at $323.01, with a volume of 1,547,128 shares traded.

Specifically, Director Lewis Chew sold 375 shares of the stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total value of $124,286.25. Following the transaction, the director owned 8,756 shares in the company, valued at approximately $2,902,001.08. This represents a 4.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Scannell sold 2,401 shares of the firm’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $339.00, for a total value of $813,939.00. Following the sale, the vice president directly owned 27,763 shares in the company, valued at $9,411,657. This trade represents a 7.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Mizuho set a $400.00 target price on Cadence Design Systems in a research note on Tuesday, October 27th. Rothschild & Co Redburn increased their price target on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. FBN Securities began coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They set an “outperform” rating and a $375.00 price objective on the stock. Weiss Ratings downgraded shares of Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Finally, Benchmark restated a “buy” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Cadence Design Systems Price Performance

The firm has a market capitalization of $88.63 billion, a PE ratio of 64.22, a P/E/G ratio of 3.16 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average price of $320.83 and a two-hundred day moving average price of $327.76.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the business posted $1.93 EPS. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds have recently modified their holdings of the business. Bryn Mawr Trust Advisors LLC increased its position in Cadence Design Systems by 3.2% during the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock worth $335,000 after purchasing an additional 31 shares in the last quarter. 71 West Capital Partners lifted its position in Cadence Design Systems by 1.2% during the third quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock valued at $862,000 after buying an additional 31 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in Cadence Design Systems by 32.0% during the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock valued at $37,000 after buying an additional 32 shares in the last quarter. KCM Investment Advisors LLC lifted its position in Cadence Design Systems by 0.4% during the first quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock valued at $2,227,000 after buying an additional 32 shares in the last quarter. Finally, Heritage Family Offices LLP grew its stake in Cadence Design Systems by 5.3% during the third quarter. Heritage Family Offices LLP now owns 636 shares of the software maker’s stock worth $210,000 after buying an additional 32 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.